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Subsidy Tracker Individual Entry

Company: Foxconn
Parent Company: Foxconn Technology Group (Hon Hai Precision Industry Company)
Subsidy Source: state
Location: Wisconsin
Project Description: flat-screen plant
Year: 2017
Major Industry of Parent: electrical and electronic equipment
Specific Industry of Parent: electronic equipment
Subsidy Value: $4,792,400,000
Subsidy Value in 2023 Dollars: $5,976,201,277
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 13,000
Wage Data: $30,000
Wage Data Type: minimum annual wage
Capital Investment: $10,000,000,000
Source of Data: The entry's information came from: Assembly Bill 1, August 2017 Wisconsin Legislature Special Session, online at: (click here) Jon Peacock, Wisconsin Budget Project, "Different Assumptions about Foxconn Job Creation Yield Much Higher Estimates of the Cost of Jobs," August 3, 2017; online at (click here) Jobs and investment are amounts promised by the company. Local subsidy data comes from Sean Ryan, "Mount Pleasant approves $764M spending plan for Foxconn's plant," Milwaukee Business Journal (Wisconsin), November 21, 2017.
Notes: During a special session, Wisconsin State Assembly passed and the governor signed a subsidy package to attract Foxconn to the state. The state approved $2.85 billion over 15 years in refundable corporate tax credits that will offset 17 percent of the company's payroll costs ($1.5 billion) and 15 percent of capital expenditures ($1.35 billion). Wisconsin already had tax breaks that would eliminate Foxconn's state tax obligation (Manufacturing and Agriculture tax credit and Single Sales Factor); thus the subsidy was to be paid in cash. In addition, the state approved $150 million in sales tax exemptions on construction materials. The state also agreed to spend $252.4 million on road improvements for the future facility. Mount Pleasant Village agreed to create a Tax Increment Financing district whose cost has been estimated at $1.49 billion, including $763.8 million in tax increments that will pay for the project, $166.5 million in interest, and other administrative costs. Racine County agreed to provide $50 million towards the land acquisition. In addition, Foxconn was granted workforce development assistance. The company was also exempted from various environmental laws and regulations. Overlap with main Subsidy Tracker data: a 2017 $2.85 billion entry for FEWI Development Corporation (Foxconn) from the Electronics and Information Technology Zone program.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.